SpaceX Down, IBM Gains, Carnival Drops as Forecast Misses Estimates - podcast episode cover

SpaceX Down, IBM Gains, Carnival Drops as Forecast Misses Estimates

Jun 23, 20263 min
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Episode description

On this episode of Stock Movers:
- SpaceX (SPCX) shares fluctuated at the open Tuesday, after a three-day selloff that wiped off more than $600 billion from the Elon Musk-led rocket and satellite company’s market value. The stock fell as much as 3.9%, briefly dipping below the $150 level at which it opened during its trading debut earlier this month.
- IBM (IBM) shares gain. IBM resisted a broad tech selloff after a Wall Street upgrade. Morgan Stanley analyst Erik Woodring raised the target on International Business Machines Corp. to $267 from $225. Maintains equal-weight rating.
- Carnival (CCL) shares slump as much as 11% on Tuesday after the cruise operator’s third-quarter adjusted earnings per share forecast missed the consensus estimate. Travel stocks including Carnival were trading lower before the results as the broader market was weighed down by a selloff in Korean chipmakers that stoked concerns about the sustainability of the artificial- intelligence driven rally.

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Transcript

Speaker 1

Bloomberg Audio Studios, podcasts, radio News, The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data. First, take a look at some of the stocks on the move today. We can do that with Bloomberg's Fitzgerald Jordan.

Speaker 2

What are you looking at? I mean, I think we have to start with the elephant in the room over the past few weeks and turned straight to SpaceX. SpaceX is in the green now opened lower. Initially, we thought we were going to have a fourth straight decline for SpaceX, even took us below that opening price of one hundred and fifty dollars earlier, but that really pulled back. We're

back in the green. It seems like the market's not quite ready for SpaceX to break through that one hundred and fifty dollars level, even with all of this bond sale news that we've been getting. I also think it's important to note that for some SpaceX going lower could be beneficial. I've heard some analysts say that if you really do want to see a Tesla SpaceX merger, in order to make that appealing for Tesla holders, SpaceX is going to have to take some of that premium off.

Speaker 1

All right, well, great context there, especially as we look for any kind of news on that front. All right, let's take a look at another stock on your list.

Speaker 2

While we're in tech. Let's turn to IBM. IBM is a bit of an oasis in this big route in tech stocks today. The whole quantum space is up after some executive orders from Trump yesterday. Important to note IBM CEO, was there any White House with Trump? And IBM is investing billions of dollars to advance their leadership in the quantum space over the next five years, and so is really it really stands to benefit from any sort of support from White House. We also got a price target

boost on that stock from Morgan Stanley. Okay, and final stock earnings. Who could forget earnings. We've got Carnival cruise line down as much as ten point six percent today after reporting results before the bell. Third quarter EPs forecast did disappoint analysts, and you know, we we have had a bit of a tough year for the creuse sector already, you know, with the wern Iran and everything going on with fuel prices. The cruise stocks have kind of gotten

hit over and over and over. In today's no exception, we did see Norwegian Royal and Viking all lower following these numbers from Carnival.

Speaker 1

The Stock Movers Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.

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